I am the registered owner of a freehold house in Leyland but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Leyland and has limited impact for conveyancing in Leyland but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
Can you point me to a directory of RBS panel conveyancers in Leyland on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such directory service on the Council of Mortgage Lenders or Building Society Association sites. A small selection of lenders make their panel listings visible over the internet. If you are seeking to appoint a Leyland property lawyer on the RBS please use our facility.
After weeks of negotiation I have agreed a price on an apartment in Leyland. My financial adviser pressured me to appoint their solicitor. I paid an on account payment of £200. Not long after, the lawyer contacted me sheepishly admitting that they were not on the Coventry BS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Coventry BS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I was told two weeks ago that my mortgage has been agreed to by UBS. Is it usual for UBS to only issue the offer once my solicitor in Leyland is approved on their conveyancing panel? UBS have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for UBS to deal with your lawyer's application to be on the UBS conveyancing panel. There's no guarantee that your solicitor will be accepted.
About to purchase a new build apartment in Leyland. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Leyland
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
Yesterday I discovered that there is a flying freehold element on a house I have offered on last month in what was supposed to be a straight forward, chain free conveyancing. Leyland is where the house is located. Can you offer any advice?
Flying freeholds in Leyland are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Leyland you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Leyland may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I was recommended by numerous selling agents in Leyland to choose a property lawyer on your site. What’s the financial inducement for Estate Agents to recommend your site ahead of alternative conveyancing organisations?
We don’t offer any commission for directing people our way. We found it would be just too difficult a fee as a client could think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
Can you offer any advice when it comes to appointing a Leyland conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Leyland conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Leyland conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be helpful:
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What volume of lease extensions has the firm conducted in Leyland in the last 12 months? If they are not ALEP accredited then what is the reason?
I own a 1 bedroom flat in Leyland, conveyancing formalities finalised April 1995. How much will my lease extension cost? Comparable properties in Leyland with over 90 years remaining are worth £176,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease expires on 21st October 2106
With just 80 years left to run we estimate the premium for your lease extension to range between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.